Please see below for a few informational items for CIRS Participating Employers.
2018 Preretirement Workshop Schedule
The CIRS office holds monthly workshops for members planning to retire (generally within the next 6 months). The CIRS staff will explain all the options and decision points members face upon retirement. The meeting is about 2 hours and is located at the CIRS office at 95 Madison Avenue. Members may bring family members or another guest to the meeting, however, registration is required as space is limited. Members can register by calling the CIRS office at 212-674-0101. The 2018 preretirement workshop schedule below can be distributed to employees or posted in common areas in your workplace.
As a reminder, in addition to the preretirement workshops, members that need assistance completing their final retirement paperwork, can make an appointment for a private meeting with a CIRS staff member. These one-on-one meetings are by appointment only. Appointments can be made by calling the CIRS office at 212-674-0101.
2018 Voya Encourage to Save Flyers
Since contribution to the CIRS 401(k) Savings Plan became optional on January 1, 2017, the overwhelming majority of new members are not making 401(k) deferrals. The purpose of these flyers is to stress the benefits of 401(k) participation, please hang them in a location where all employees can view them easily. For members that prefer Spanish, Voya has prepared the enrollment encouragement flyers in Spanish as well as English, and they are located below.
2018 Voya Encourage to Save Mailing
Voya has identified members that never contributed or did in the past but then stopped. On June 7, 2018, Voya mailed out postcards encouraging members to start or restart contributing to their 401(k) plans. The links to the postcards can be found below.
2018 IRS Compensation Limits
The IRS sets annual limits on the salary that can be used in a retirement pension plan such as the CIRS Pension Plan. These limits are applied on a plan year basis (July 1 – June 30). The CIRS Pension Plan already takes these limits into account for all required purposes (benefit amounts, employer contributions, etc..). However, you as the employer, must be aware of these limits as they apply to the employee contributions for Tier II Members under the CIRS Pension Plan. The July 1, 2017 – June 30, 2018 compensation limit is $270,000 and the July 1, 2018– June 30, 2019 limit is $275,000.
2018 IRS Pre-Tax Contribution Limits
The IRS sets annual limits on the amount of pre-tax contribution employees can make to a 401(k) plan. These limits are applicable on a calendar year basis (January 1 – December 31). For 2018, the IRS announced an increase in annual pre-tax limits to $18,500 for regular contributions. There was no change for catch-up contributions which remains unchanged at $6,000.
2018 Employee Contribution Catch-up Form
Employee contribution elections (pre and post-tax) to the CIRS 401(k) Savings Plan should be made by members through Voya. However, if members wish to elect catch-up contributions, they must complete the attached Catch-up Form and submit to you (the employer). Catch-up contributions are additional pre-tax contributions for those members who will be age 50 or older by the last day of the calendar year can make in excess of the IRS regular pre-tax contributions.
CIRS Member Resources Guide
In order to assist our employers and our members, we have created the CIRS Member Resources Guide below with the current contact information for our vendors. The flyer has the phone number and website information for each of the CIRS plans on one page. The second page contains a reminder of the CIRS office’s preretirement workshops and one-on-one meetings. Please provide this flyer to all your CIRS Eligible Employees.
CIRS Plan Highlights
The CIRS Plan Highlights provide a high-level overview of the CIRS Plans which can be distributed to your CIRS Eligible Employees. Note that there are two separate Plan Highlights – one for Eligible Employees who were hired prior to October 1, 2016 (Tier I Members under the Pension Plan) and one for Eligible Employees hired on or after October 1, 2016 (Tier II Members under the Pension Plan).